Japanese officials are abandoning their habit of telegraphing intervention risks, instead signalling a more targeted campaign to squeeze speculators and raise the cost of betting against the battered yen, two sources familiar with the matter said.
Tag: Currencies
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The dollar hit a 40-year high against the yen on Wednesday as a sharp rise in U.S. Treasury yields boosted the currency ahead of U.S. jobs data that could strengthen the case for a Federal Reserve rate hike this month.
The yen’s break through a long-defended 162-per-dollar level to its weakest in four decades has reinforced expectations Japan may tolerate more yen weakness, with 165 increasingly viewed as the next line in the sand for official intervention.
The yen slumped to levels not seen since 1986, with the Japanese currency set for a 2% drop in the second quarter, its fourth straight quarter of decline.
The U.S. dollar held firm on Monday, on track for its biggest monthly gain in nearly a year, as Gulf tensions and elevated Treasury yields underpinned demand ahead of key jobs data later in the week.
The dollar fell for a second straight session on Friday as recent economic data and a drop in oil prices slightly cooled expectations for Federal Reserve rate hikes, although the yen remained in territory that left it primed for an intervention.
A surging dollar has swept past chart resistance and is heading toward its sharpest monthly gain in almost a year on Thursday, as traders bet on a strong U.S. economy propping up short-term interest rates and waited on key inflation data.
The dollar held firm against most peers on Friday, as a peace deal between the U.S. and Iran hung in the balance, pinning the yen around a two-year low, a break beyond which would take the Japanese currency to its weakest in 40 years.
The U.S. dollar rose to its highest in more than a year on Thursday after a hawkish hold from the Federal Reserve triggered bets on rate hikes, while yen weakness drew verbal warnings from Japanese officials.